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IDBI Bank posts Q3 net profit of Rs 378 crore as NII grows, targets Rs 1,000-1,200 crore recovery in Q4

Gross NPA ratio declined to 23.52 percent from 28.72 percent in the third quarter of the previous fiscal.

January 28, 2021 / 07:59 PM IST
 
 
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Life Insurance Corporation -owned IDBI Bank reported a standalone net profit of Rs 378 crore for December quarter 2020-21 on the back of healthy growth in interest income. The lender, which is under the Reserve Bank of India's prompt corrective action (PCA) since May 2017, had reported a standalone net loss of Rs 5,763 crore in the year-ago quarter.

On a consolidated basis, its profit after tax stood at Rs 393.15 crore, compared to a loss of Rs 5,728.70 crore last year. The profit has increased to Rs 378 crore in the quarter. It has been contributed by growth in the other income and net interest income. Our operating profit grew by 32 percent (quarter-on-quarter) and net interest margin has increased to 2.87 percent, bank's managing director and CEO Rakesh Sharma told reporters.

Net interest income (NII) grew 18 percent to Rs 1,810 crore as against Rs 1,532 crore in the same quarter of the previous fiscal. Its net interest margin (NIM) improved by 60 basis points to 2.87 percent as compared to 2.27 percent in the year-ago period.

Gross NPA ratio declined to 23.52 percent from 28.72 percent in the third quarter of the previous fiscal. Net NPAs eased to 1.94 percent as against 5.25 percent. Provision coverage ratio (including technical write-offs) improved to 97.08 percent from 92.41 percent.